Research On The Legalization Of Financial Regulation With Chinese Characteristics Under The New Era

After long-term efforts,socialism with Chinese characteristics has entered a new era.With the rapid development of economic and financial globalization and the widespread application of financial technology,financial risk patterns have become more complicated.this article studies the legalization of financial regulation with Chinese characteristics in the new era,focuses on the development,reform and legalization of financial regulation since the 18 th National Congress of the Communist Party of China in our country,and analyzes and discusses the problems of further promoting the legalization of financial regulation with Chinese characteristics in the new era,and of speeding up the modernization of financial regulation system and regulation capabilities in our country.The function of finance is like two sides of a coin.On the one hand,finance is very important.It is the core of modern economy and the core competitiveness of a country.On the other hand,risk has always been associated with finance.As Karl Marx puts it,interest-bearing capital,or finance,“is the mother of all upside down forms.” Looking back,a history of human finance is also a history of governance of financial chaos.Severe financial crisis is enough to threaten the stability of the regime.The international financial crisis in2008 triggered the governance crisis of many countries and even the collapse of governments.Thus,the financial risk gene and the huge impact caused by the financial crisis highlight the importance of financial security and the necessity of financial regulation.The fourth plenary session of the 18 th central committee of the communist party of China(CPC)put forward the idea of comprehensively implementation of governing the country by law;National Conference on Financial Work in 2017 clearly put forward the idea of promoting the establishment of a modern financial regulatory framework and improving the rule of law in finance;The report to the 19 th national congress of the communist party of China(CPC)called for improving the financial supervision system to ensure that no systemic financial risks occur;The fourth plenary session of the 19 th CPC central committee made the modernization of the country's governance system and capacity a major strategic task for the whole party.In the logic of modernization of national governance,legalization is the onlyway to realize modernization of national governance.In the same way,in the path of realizing the modernization of financial regulatory system and regulatory capacity,legalization is also the only way.Financial supervision is a kind of public power for the government to correct the failure of the financial market.How to treat the public power of the government is the basic problem of legalization.Therefore,the research on legalization of financial supervision must also focus on how to treat the power of financial supervision.For a modern country,legalization is the only way for the rational allocation and operation of power resources and the fundamental guarantee for the country's long-term stability.The legalization of financial supervision described in this paper is a micro-level power transformation phenomenon centering on the subject status,allocation,execution and supervision of regulatory power,aiming at constructing the survival mode of financial regulatory power in the new era.The core of legalization of financial regulation is the checks and balances on the power of financial regulation.Through the checks and balances of financial supervision power,the operation of supervision power should be standardized to ensure the rationalization of supervision power,and the balance of diversified interests of financial market subjects can be realized.The main framework of legalization of financial regulation is to create legalized design for operation of financial regulation power,realizing the guidance and guarantee for the establishment,organizational structure and the division of responsibilities of regulatory agencies;for the establishment of regulatory models,regulatory means and regulatory procedures;and for the supervision and control of regulatory power.First,financial regulatory powers are created by law,which guarantees the legitimacy and rationality of power itself.Second,the allocation of financial regulatory power is governed by law.Financial supervision power is allocated and divided in different fields by law according to the principle of check and balances and coordination,and the boundaries of different powers are clearly defined by law,so as to realize the allocation of power and responsibility.Thirdly,the financial supervision subject should exercise the supervision power according to law.The execution of power includes two aspects: entity and procedure.A complete,unified and coordinated system of financial supervision laws shall be formulated to providesubstantive rules for supervision.At the same time,regulation agencies must follow legal procedures to ensure the realization of procedural justice.Finally,financial regulatory powers must be monitored,regulatory behaviors should be fully supervised by laws and regulations.All social science is the study of human science and human social practice.The development of any social science is based on the accumulation of previous knowledge.In this respect,Marxism has opened up a scientific way for people to understand and study social problems and provided scientific research methods.The Communist Party of China is a party armed with Marxism.To solve the problems of reform and development and resolve various risks and challenges,it must continuously improve its ability to use Marxism to analyze and solve practical problems.This requires to study the legalization of financial regulation with Chinese characteristics in the new era,and to be guided by the Marxist theory of financial regulation and the rule of law,the theory of socialist financial regulation and the rule of law with Chinese characteristics,especially the latest theory of socialist financial regulation and the rule of law with Chinese characteristics since the 18 th National Congress.In terms of research methods,the study of legalization of financial regulation must seek gains and losses in the comparison between history and reality,and seek resonance in the comparison between domestic and foreign countries.“The study of history is the foundation of all social sciences”.From the perspective of the legalization process of financial regulation,every reform and power adjustment of financial supervision institution has its specific historical background and certain historical inevitability,which conforms to the basic characteristics and requirements of a specific era.Therefore,it is necessary to demonstrate the changes of legalization of financial regulation in China from the historical perspective,and reveal its internal development and evolution law,which can provide ideological resources for the study of legalization of financial regulation in the new era.What should be done at any given moment in history,Marx argues,it depends entirely on that given historical context.Therefore,we must consider the legalization of financial regulation under the political,economic and financial background of the new era,seek for the internal causes of legalization of financial regulation,explore the difficulties and problems we are facing,and demonstrate the temporal spirit of financial regulation.Finally,“stones from other hills mayserve to polish the jade of this one”.Starting with the reform of international financial regulation after the 2008 financial crisis,this paper discusses the international trend of legalization of financial regulation,which is helpful to further improve and standardize China's financial regulatory system.President Xi stressed that we must deepen our understanding of the nature and rules of finance,base on China's reality and try to explore a typical way for the financial development with Chinese characteristics.On the basis of summarizing the historical experience of legalization of financial supervision in China,analyzing the existing problems and difficulties of legalization of financial supervision,and learning from the experiments of the reform of financial supervision outside China,this paper,based on the reality of financial development in the new era and the requirements of financial regulation,tries to explore the objectives,principles and path of financial regulatory legalization with Chinese characteristics in the new era.To promote the legalization of financial regulation with Chinese characteristics in the new era,we must adhere to the overall leadership of Communist Party of China and take the road of legalization of financial regulation with Chinese characteristics in the new era;adhere to the people-centered approach and let the people share the fruits of financial reform and development;adhere to the new development concept and let financial regulation meet the needs of financial supply-side reform;insist on openness and transparency of power and let all financial regulation activities run on the track of the rule of law.The concrete path include giving full play to the traction role of legislation in financial supervision,clarifying the legal status of supervision subjects as soon as possible,optimizing the organizational structure of financial supervision,enhancing the legitimacy of the allocation of supervision powers,avoiding loopholes in financial supervision rules,strengthening procedural control of the execution of financial supervision powers,and building a supervision network of financial supervision power.